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The financial press has been very active over recent months regarding landlords and the changes to ‘Buy-to-Let’ mortgages. With the new Private Rental Tenancy Agreement commencing today, 1st December 2017, Landlords have been considering alternatives for their property.
Here in the Highlands and Islands, a number of commentators have been suggesting potential benefits in converting ‘Buy-to-Lets’ into holiday accommodation. However....
A Note of Caution: It is important to keep in mind that, if there is funding on the property, this would almost certainly mean a change of lender, as this would be getting in to ‘commercial lending’ territory.
Hamish Malcolm: Buy-to-Let Mortgages and Commercial Funding T: 01463 718872 (Munro & Noble Financial Services)
Similarly, when a Landlord, with a portfolio of properties, is looking at the tax implications of setting up a Limited Company, only certain lenders will be able to assist and not all of these will lend in the North of Scotland. Furthermore, different lenders have differing policies regarding the ‘stress tests’ they apply when assessing a new funding application. They will also have specific policies depending on the applicant’s non-rental income and tax status.
At Munro & Noble Financial Services, we have an in depth knowledge of the best lenders to use. This will be dependent upon location and nature of rental scenario. We also have excellent contacts within the Accountancy world and can make suitable introductions if required. The benefit to a landlord being they will receive coordinated advice across both lending & taxation.